Social media company Twitter has laid off 30 percent of its talent acquisition team, joining an increasing list of companies that have cut down on their workforce. The latest development comes about two months after the company halted hiring. While the cut is known to affect 30 percent of Twitter’s talent acquisition team, as confirmed by a company spokesperson, the company refused to give out details on the exact number of employees that were laid off.
According to this spokesperson, however, the laid-off employees will be given severance packages and the rest of the talent acquisition team will be maximized as a result of the reduction in hiring.
Before now, Twitter has primarily been in the news for Elon Musk’s $44 billion takeover bid which is yet to be completed. Like many others, the company has been affected by inflation, the Russian-Ukraine war, and other macro-economic challenges. For companies like Twitter to be able to go on, they’ve had to pause hiring and even cut off some of their employees. Companies like Tesla, Coinbase, etc., have paused hiring and cut down on their workforce to keep up. An estimated 30,000 tech workers have lost their jobs in the last two months. Rivals like Meta and Snap have put measures in place so that they don’t get drowned in the economic situation.
Twitter has seen some changes since Parag Agrawal took over as CEO from Jack Dorsey last year. The company let go of Consumer General Manager Keyvon Beykpour and Revenue Product lead Bruce Falck after Elon Musk Twitter takeover bid was announced. The CEO also made some changes to some positions.
Speaking on the latest development Tesla CEO and (maybe) Twitter’s imminent owner Elon Musk said that “Right now, costs exceed revenue, that’s not a great situation.”